KLCI Futures: The Bulls in Driver Seat Now

FBM KLCI opened at 1,476.53 as compared to last Friday’s close of 1,474.38.

At the time of writing, the main index was traded in the range of 1,474.46 – 1,477.29.

AT 9:28am, the KLCI gained 1.78 points or 0.12% at 1,476.16

Technical Analysis on FKLI (KLCI futures)

RHB Retail Research has maintained long positions on FKLI.

After attempting to rebound last Friday, the FKLI moved sideways yesterday and closed 5 points lower at 1,472 points. It opened at 1,471 points, and oscillated between 1,467.5 points and 1,477 points high to close just 1 point above the opening level.

As yesterday’s neutral candlestick is within the Friday’s long bullish candlestick, It is expected the positive rebound to continue in the coming sessions – re-testing the immediate resistance of 1,485 pts.

The medium-term momentum should be bullish, if this threshold is breached and if the index pushes north further towards the 200-day SMA line, then the 1,517.5-point resistance. Conversely, if the FKLI falls below the 1,459-pt support, this will weaken the Bullish Marubozu formed on 24 Nov, and attract strong selling interest. Currently, backed by a mildly positive RSI at 52% level, the research house holds the opinion that the bulls will defend the immediate support by climbing above the immediate resistance. As such, the research house sticks to a bullish bias for now.

Traders are advised to remain in the long positions initiated at 1,475.50 pts (11 Nov’s close). To manage the trading risks, the stop-loss is set at 1,459 points.

The immediate support is at 1,459 points – 29 Nov’s low – followed by 1,445 points. Towards the upside, the immediate resistance is unchanged at 1,485 points – 25 Nov’s low – followed by 1,517.5 points, which was the high of 25 Nov.

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